GSB to suspend interest payments for about 1,000 indebted teachers

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GSB to suspend interest payments for about 1,000 indebted teachers



BANGKOK: -- The Government Savings Bank has agreed to suspend interest payments by indebted teachers who have been sued by other creditors prior to May 31, said Mr Chartchai Payuhanavichai, director of the bank, on Thursday.

The three-year interest payment suspension was approved by the GSB board in mid-June to help about 1,000 financially-troubled teachers.

Mr Chartchai made clear that the interest suspension does not mean that the interests are waived. The indebted teachers are still required to pay them back to the back after three years and to continue paying the principal amount to the bank as normal, he said, adding that only teachers who were sued by other creditors before May 31 are eligible to interest suspension.

For teachers who have good debt repayment record but who are now experiencing financial trouble due to weakened economy, Mr Chartchai said that they could apply for suspension of principal payment up to two years but the applications must be received by the bank before July 31.

The teachers’ welfare committee will be informed by the bank about this new financial arrangement to ease the financial burden of teachers.

The GSB has extended between 500-600 billion baht welfare credits to over 500,000 teachers with non-performing loans being registered at just one percent.

Source: http://englishnews.thaipbs.or.th/gsb-to-suspend-interest-payments-for-about-1000-indebted-teachers

-- Thai PBS 2015-06-25

[bangkokfrog]

500,000 teachers can't manage their financesand have non-performing loans ??? And these are the people who are supposedly "educating" our children !!!

[BKKBrit]

500,000 teachers can't manage their financesand have non-performing loans ??? And these are the people who are supposedly "educating" our children !!!

I don't know who taught you to read but it states ''with non-performing loans being registered at just one percent". ie: 5,000 teachers are not honouring their loans.

And as far as I know, Maths, PE, History, Geography teachers don't teach economics. Financial prudency should first and foremost be taught by parents.

[trogers]

500,000 teachers can't manage their financesand have non-performing loans ??? And these are the people who are supposedly "educating" our children !!!

Don't blame finances. Problem arises from the failure to rein in Id. The Superego would have shouted "We can't afford this...".

[Jessi]

If you read some of this it might help to explain why some people are in financial trouble.

http://www.thaivisa.com/forum/topic/834296-survey-what-direction-is-the-thai-economy-headed/

[trogers]

If you read some of this it might help to explain why some people are in financial trouble.

http://www.thaivisa.com/forum/topic/834296-survey-what-direction-is-the-thai-economy-headed/

Civil service provides an iron bowl. What does poor economic growth has to do with unemployment or pay cut in the government?

[Seastallion]

Apparently, the interest rate is hefty and 2 million will end up being paid on a 1million baht loan over the term of the loan.

You can bet your booties that of the 500 000 who took loans, 400 000 bought a car, and of the 100 00 that didn't buy a car, 50 000 paid off a loan shark from whom they had borrowed to buy a car.

The other 50 000 just frittered it away.

[selftaopath]

500,000 teachers can't manage their financesand have non-performing loans ??? And these are the people who are supposedly "educating" our children !!!

Yes and part of their delusion is that they are on the level of EDUCATED/PRODUCTIVE CEOs. Or they are responsible for some new/hi tech gadget etc. They spend like they are "somebodies" when in fact they are slightly better educated than the village people. The really believe they are "esteemed" productive government elites.

Let them reap what they sew re: spending. That would be one real lesson they could teach their students.

If teachers got paid for the number of students who really benefited from their "teaching" I bet NONE of them would have a new car. Currently EVERY - or so it seems - "teacher" has a new car (drivers license probably not). No need b/c "don't you know who I am" !!!!!!!!!!!!!!!!!!!!!!!

Will the delusion every stop in Thailand?

[RubbaJohnny]

In many countries 5 years of a teachers salary would buy a modest apartment a necessary and appreciating asset,here it gets an SUV which will be worth next to nothing i 10 years

[trogers]

In many countries 5 years of a teachers salary would buy a modest apartment a necessary and appreciating asset,here it gets an SUV which will be worth next to nothing i 10 years

Here, a studio apartment of 26 sqm costs around Bt650,000, cheaper than an SUV...

Look up Niran developments...

But one cannot bring along a studio apartment to show off to friends and relatives...

Edited June 26, 2015 by trogers

[Anthony5]

That is what happens if you have to put yourself in debt to get a teachers position.

Edited June 26, 2015 by Anthony5

[sammygood]

do they all live above their means? to keep up with the joneses, or somchai's ?

1% intrest, wow, and the rest can pay 20% on their credit card

socialist country? where people better work for the governement, to get all those extra's ?